Latest News
Why data management is a key in direct marketing
According to Econsultancy, as much as 22 percent of all contact data contain errors to some extent. That's a rise of 17 percent over the previous year, and different industries have varying levels of dirty data. Among marketers especially, the cost of inaccurate customer information can lead to significant problems.
Bottom line issues
One of the biggest impacts of bad data is seen in lost revenue. In fact, research from Experian found bad data causes the average business to lose 12 percent of its revenue. Customer service is just one aspect of a company's operations that suffers and damages profits. Organizations in a number of industries need to put solutions in place to ensure they're effectively capturing and storing data.
Data sources
Today's organizations collect information from a number of places. For instance, 73 percent of businesses capture data from their websites, while another 54 percent leverage their call centers for collecting customer information. Roughly 6 in 10 companies depend on their sales reps to gather data from their in-person meetings.
While each of these sources are integral for getting an in-depth portrait of individual customers, companies often get in trouble when they put up walls that keep information separate. When these data sources remain siloed, multiple workflows get muddled.
According to Information Management, the volume of data is not the only major change and challenge. There are also expected to be a larger variety of sources, as digital channels like social media create an environment where customers generate more information at a rapid pace.
One of the most fundamental concerns using dirty customer data is in connection with direct mail campaigns. To ensure their customer relationship management software remains captures and maintains up-to-date and accurate contact information, marketers can benefit from address verification software that confirms the integrity of this type of data in real time. This step helps to ensure direct mail campaigns are cost effective and timely mailers are delivered without delay.
